Soybean futures declined on Tuesday, with front-month contracts leading losses of 3 to 10 ¾ cents, as wetter weather forecasts and positioning ahead of key USDA reports added pressure. The cmdtyView national average cash bean price fell 10 cents to $11.26 ¼, while soymeal futures were mixed and soy oil dropped 48 to 102 points. USDA reported a private export sale of 136,000 metric tons of soybeans to China for 2026/27 shipment and 180,000 metric tons of soybean meal to the Philippines. Weekly Crop Progress data showed 93% of the US soybean crop blooming and 74% setting pods, with condition ratings slipping 1% to 62% good-to-excellent, driven by deterioration in North Dakota. A Reuters survey ahead of Wednesday's WASDE report pegged the US soybean yield at 52.9 bushels per acre and production at 4.472 billion bushels, with new crop ending stocks seen at 304 million bushels. ANEC raised its estimate for August Brazilian soybean exports by 1.14 million metric tons to 10.88 million metric tons.
Wetter forecasts and pre-report positioning pressure soybean prices, with cash prices falling.
Soy oil dropped 48 to 102 points, pressured by the same wetter forecasts and positioning.
Soymeal futures were mixed, no clear directional impact from the article.
